Google, Microsoft are among leading regional and global companies that have been duped in the Rs 15,000 crore land scam in Telangana, with initiation of a series of legal cases by the state government questioning the legitimacy of the ownership of land holdings.
Google, Microsoft are among leading regional and global companies that have been affected in the Rs 15,000 crore land scam in Telangana, with a series of legal cases initiated by the state government questioning the legitimacy of the ownership of land holdings.
According to an Economic Times report, after the Opposition raised their voice, the government was forced to announce termination of dubious land registrations, including those that were private and government auctioned.
Reports said that Google, Microsoft, Tishman Speyer, Shapoorji Pallonji, DLF, Lanco, Puravankara, Sattva Salarpuria and My Home group are among those investors who were affected by messy land titles.
In the latest land scam, the accused colluded with land registration officials to get hundreds of acres of contentious land parcels in Hyderabad's Miyapur and a few other localities, said the report.
In 2014, Telangana came into existence as the 29th state of India and TRS supremo K Chandrasekhar Rao (KCR) was sworn in as its first Chief Minister, capping the decades-old struggle in the region for carving out a separate state from Andhra Pradesh.
"It's time for the government to rethink and examine all the existing procedures and make clear titled land banks available for investors," Veera Babu, Cushman & Wakefield's managing director told the daily.
Shrinivas Rao, CEO (Asia Pacific) of global property consultant Vestian Global Work Place Services said this would certainly affect the investment flowing into the (Telangana) market in the short term.
"We are only acquiring land from government or corporate houses as they are clear titles," said Biajy Agarwal, MD, Salarpuria Sattva Group.
Last week, the TRS government issued an ordinance cancelling certain discretionary powers of officials of the land registration department.
TRS government's IT and industries minister KT Rama Rao, said the government was willing to reach out to investors to address their apprehensions. "Land titles in Hyderabad have been an issue for a long time for a variety of reasons," Rao told ET.
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